Texas Daily Ag Market News Summary 12/14/16

Posted 7 years 348 days ago by

Feeder cattle auction reported prices steady to $5 higher; Futures lower.

Fed cattle cash trade active; Formula trades lower; Futures lower; Beef prices uneven.

Cotton futures lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. January Feeder cattle futures were $1.27 lower, closing at $127.70 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $111.08 per cwt. December Fed cattle futures were 2 cents lower, closing at $111.10 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 85 cents to close at $190.88 per cwt and Select grade gaining $1.03 to close at $176.37 per cwt. Estimated cattle harvest for the week totaled 342,000 down 5,000 from last week’s total and up 7,000 from a year ago. Year-to-date harvest is up 2%.

Cotton prices were uneven with cash prices remaining at 70.75 cents per pound and March futures losing 0.57 cents to close at 71.47 cents per pound.

Corn prices were uneven with cash prices gaining a penny to close at $3.51 per bushel and December futures losing 4 cents to close at $3.52 per bushel. Grain Sorghum cash prices picked up a penny, closing at $5.39 per cwt.

Wheat prices were higher with cash prices gaining 5 cents to close at $3.10 per bushel and December futures gaining 2 cents to close at $4.01 per bushel.

Milk prices were higher with December Class III futures gaining 2 cents to close at $17.25 per cwt.

Stock markets were lower today, as the Dow Jones had its worst day since October after the Federal Reserve announced it was raising interest rates. January Crude oil futures were down $1.94, to close at $51.04 per barrel. Crude oil prices retreated from recent gains behind the news that the Federal Reserve will be raising interest rates.

Daily Market News Summary Data 12/14/16

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From Agri-Pulse:

ASHINGTON, Dec. 14, 2016 - USDA's Food Safety and Inspection Service (FSIS) wants food manufacturers and retailers to use a “Best if Used by” date label on their products instead of frequently used phrases such as “Sell by” and “Use by” as a way of reducing food waste.

FSIS says it's changing its guidance because research shows that the phrase “Best if Used by” is easily understood by consumers as an indicator of quality, rather than safety.

“These changes will give consumers clear and consistent information when it comes to date labeling on the food they buy,” said Al Almanza, USDA deputy under secretary for food safety. “This new guidance can help consumers save money and curb the amount of wholesome food going in the trash.”

Except for infant formula, product dating is not required by federal regulations, FSIS explained in a release. Food manufacturers frequently use a variety of phrases, including “Sell-by” and “Use-by” on product labels to describe quality dates on a voluntary basis. The use of different phrases to describe quality dates has caused consumer confusion and has led to the disposal of food that is otherwise wholesome and safe because it is past the date printed on the package.

USDA estimates that 30 percent of food is lost or wasted at the retail and consumer level. FSIS points out that this new guidance builds on other recent changes FSIS has made to facilitate food donation and reduce food waste. In January, the agency issued Directive 7020.1, which made it easier for companies to donate products that have minor labeling errors, such as an incorrect net weight. FSIS has also begun recognizing food banks as “retail-type” establishments, which allows food banks (under certain circumstances) to break down bulk shipments of federally-inspected meat or poultry products, wrap or rewrap those products, and label the products for distribution to consumers. In 2016, FSIS enabled 2.6 million pounds of manufacturer donations.

The public is invited to comment on the guidance for 60 days. Comments may be submitted through the Federal eRulemaking Portal at www.regulations.gov or by mail to the U.S. Department of Agriculture, FSIS, Docket Clerk, Patriots Plaza III, 355 E St. S.W., 8-163A, Mailstop 3782, Washington, DC 20250-3700. All comments submitted must include docket number FSIS-2016-0044. FSIS will accept comments for 60 days.